Bitcoin Bonanza: Twenty One's Bold Move to Dominate the Crypto Scene
In a nutshell
- Tether, Bitfinex, Cantor Fitzgerald, and SoftBank are teaming up to launch a public Bitcoin company, Twenty One.
- Cantor Equity Partners (CEP), an affiliate of crypto-loving Cantor Fitzgerald, is helping Twenty One go public via a SPAC merger.
- Shares of CEP surged 134% this week, thanks to the announcement.
The SCENE Reveals All
Stock prices for Cantor Equity skyrocket by 134% in anticipation of a planned merger with a Bitcoin company valued at $3.9 billion.
Thursday saw a whopping 50% spike in the value of Cantor Equity Partners shares - a trading firm with a notable affinity for crypto, mind you. This sudden surge is all thanks to the big reveal that they're gearing up to merge and become a groundbreaking, Bitcoin-obsessed behemoth, aptly named Twenty One.
These Nasdaq-listed shares, happily trading for $24.80 apiece, have seen a staggering 134% increase over the past week, Yahoo Finance data reveals. That's quite the ride for a financial firm, don't you think?
So, what's this mysterious CEP all about? Well, it's a blank check company, that is, an entity designed specifically to acquire or ally with others to help them make their grand public debut. And that's precisely what they're doing with Twenty One!
On Wednesday, CEP proudly announced its plans to bring Twenty One into the world through a planned SPAC merger. A public, Bitcoin-centric company, mix Twenty One with a treasury of more than 42,000 coins - worth a cool $3.9 billion at today's prices - and what do you get? One of the largest public Bitcoin hoarders on the planet, that's what!
But Twenty One is more than just a massive stockpile of digital gold. They're also offering investors a chance to get in on the action without physically holding Bitcoin. Plus, they're branching out into Bitcoin-related financial services and producing crypto-rich media content.
Twenty One has some serious heavy hitters backing them: stablecoin king Tether, crypto exchange Bitfinex, Cantor Fitzgerald, and tech-giant SoftBank are all jumping on board to help this Bitcoin behemoth come to life.
Running the show is Brandon Lutnick, son of the current U.S. Commerce Secretary and former Cantor Fitzgerald boss, Howard Lutnick. Meanwhile, Cantor Fitzgerald is taking care of the custody of Tether's reserves, which keep its super successful USDT stablecoin afloat.
Yep, you read that right - USDT is a stablecoin that keeps pace with the U.S. dollar and is regularly used by crypto traders to cash in and out of transactions. Many industry watchers consider this little digital token the pillar that supports the entire crypto economy.
Now, it's no secret who will be steering the Twenty One ship. Jack Mallers, boss of Bitcoin payments company Strike, has been tapped to steer this Bitcoin-bound vessel as its CEO.
CEP plans to raise $385 million through convertible senior notes and an additional $200 million through private investment in public equity (PIPE), which they'll use to buy more Bitcoin and fund their miscellaneous needs. Happy days for crypto fans, eh?
Investors can join the party by buying shares in the company, which will trade under the ticker symbol XXI. Get ready to hop on this Bitcoin bandwagon, folks!
By Jackson Smith
The Daily Debrief Newsletter
Bonus Insights
- Twenty One Capital is a Bitcoin-centric company launched through a merger with Cantor Equity Partners.
- The company is majority-owned by Tether and Bitfinex, with SoftBank holding a minority stake.
- Twenty One enters the public market with over 42,000 Bitcoin valued at $3.6 billion, making it one of the largest public Bitcoin holders globally.
- The goal is to maximize Bitcoin ownership per share, become a leading vehicle for Bitcoin exposure, and create crypto-related content and media.
- Jack Mallers, the CEO of Bitcoin payments company Strike, will steer the Bitcoin-bound vessel Twenty One.
- Cantor Equity Partners (CEP), an affiliate of crypto-loving Cantor Fitzgerald, is helping Twenty One go public via a SPAC merger.
- Shares of CEP surged 134% this week, thanks to the announcement of the merger with Twenty One.
- The public, Bitcoin-centric company, Twenty One, has a treasury of more than 42,000 coins, worth a cool $3.9 billion at today's prices.
- Jack Mallers, Brandon Lutnick, Tether, Bitfinex, Cantor Fitzgerald, and SoftBank are all backing the new Bitcoin behemoth Twenty One.
- Cantor Fitzgerald is taking care of the custody of Tether's reserves, which keeps its super successful USDT stablecoin afloat.
- Running the show at Twenty One, Brandon Lutnick, son of the current U.S. Commerce Secretary and former Cantor Fitzgerald boss, Howard Lutnick.
- Investors can join the party by buying shares in the company, which will trade under the ticker symbol XXI, preparing to hop on this Bitcoin bandwagon.
